Columbia Banking System (NASDAQ:COLB) PT Raised to $28.00

Columbia Banking System (NASDAQ:COLB) had its price objective increased by stock analysts at Wells Fargo & Company from $26.00 to $28.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 10.98% from the company’s previous close.

Other analysts also recently issued research reports about the company. Royal Bank of Canada boosted their price objective on Columbia Banking System from $21.00 to $26.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Truist Financial decreased their price objective on shares of Columbia Banking System from $29.00 to $28.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Piper Sandler reissued an “overweight” rating and set a $27.00 target price on shares of Columbia Banking System in a research note on Wednesday, June 5th. Wedbush upgraded shares of Columbia Banking System from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $28.00 to $31.00 in a research note on Tuesday, September 24th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Columbia Banking System from $22.00 to $29.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Eleven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $25.65.

Columbia Banking System Price Performance

Shares of COLB traded down $0.88 during mid-day trading on Tuesday, hitting $25.23. The company’s stock had a trading volume of 1,288,436 shares, compared to its average volume of 2,373,756. The firm has a 50-day moving average price of $24.56 and a 200 day moving average price of $21.19. Columbia Banking System has a fifty-two week low of $17.08 and a fifty-two week high of $28.11. The stock has a market capitalization of $5.28 billion, a price-to-earnings ratio of 10.87 and a beta of 0.64.

Columbia Banking System (NASDAQ:COLB) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.10. The company had revenue of $472.15 million for the quarter, compared to analysts’ expectations of $476.01 million. Columbia Banking System had a return on equity of 10.89% and a net margin of 15.94%. The firm’s revenue was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 earnings per share. As a group, equities analysts anticipate that Columbia Banking System will post 2.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Columbia Banking System

Several large investors have recently added to or reduced their stakes in COLB. Dimensional Fund Advisors LP lifted its stake in Columbia Banking System by 812.2% during the second quarter. Dimensional Fund Advisors LP now owns 3,182,655 shares of the financial services provider’s stock worth $63,295,000 after purchasing an additional 2,833,744 shares during the period. Public Employees Retirement Association of Colorado lifted its position in shares of Columbia Banking System by 3,245.7% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 864,604 shares of the financial services provider’s stock worth $23,068,000 after buying an additional 838,762 shares during the period. Silvercrest Asset Management Group LLC grew its position in Columbia Banking System by 21.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 4,468,643 shares of the financial services provider’s stock valued at $86,468,000 after acquiring an additional 788,383 shares during the period. Wellington Management Group LLP grew its position in Columbia Banking System by 16.2% in the fourth quarter. Wellington Management Group LLP now owns 4,578,618 shares of the financial services provider’s stock valued at $122,158,000 after acquiring an additional 637,212 shares during the period. Finally, Vanguard Group Inc. raised its stake in Columbia Banking System by 2.6% during the first quarter. Vanguard Group Inc. now owns 22,327,719 shares of the financial services provider’s stock worth $432,041,000 after acquiring an additional 574,509 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

About Columbia Banking System

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides banking, private banking, mortgage, and other financial services in the United States. The company offers deposit products, including business, non-interest bearing checking, interest-bearing checking and savings, money market, and certificate of deposit accounts; and insured cash sweep and other investment sweep solutions.